Trevali Provides Caribou Zinc-Lead-Silver Mine Construction Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2014) -
Trevali Mining Corporation ("Trevali" or the "Company")
(TSX:TV)(OTCQX:TREVF)(LMA:TV)(FRANKFURT:4TI) provides an update on
construction activities at its wholly-owned Caribou mine and mill
complex (Figure 1) located in the Bathurst Mining Camp of
northeastern New Brunswick, Canada.
Following the successful closing of recently announced
$52.5-million corporate debt facility for the Caribou mine
operations (see NR TV-NR-14-10 for details) the Company has
commenced both surface and underground construction and
rehabilitation activities to facilitate Mine and Mill commissioning
in the first half of 2015. Due to the highly skilled and available
workforce, contractors and service providers, the Company is
fortunate to be able to source the majority of its required
re-start and future production services locally.
Trevali also continues to liaise closely with local Mi'kmaq
First Nations ensuring that the Impact Benefits Agreement signed
between the two parties continues to benefit the First Nations
involved. Through the planned re-launch of the Underground Miner
Training Program and the addition of a Surface and Mill Operator
Training Program for First Nations students, the Company looks
forward to continuing to offer opportunities to the Mi'kmaq of New
Brunswick and further strengthening its relationship with the First
Nation people of New Brunswick.
A summary of key current activities is provided below:
SURFACE WORKS
- The Main Mine Office annex is fully refurbished and now staffed
by Trevali's development team.
- Site communications will be significantly enhanced by a new
fibre-optic cable which is scheduled to be commissioned in Q3/Q4 of
2014.
- A warehouse inventory is nearing completion.
- The Mine Dry Facility and Change House, necessary for
Underground ("UG") activities, is nearing completion.
- Site power repairs are predominantly complete, power-line
underbrush clearing is in progress and the various transformers
have been serviced and repaired where necessary.
- Improved site water management requirements have been
identified and tendering is in progress.
To view Figure 1 please click the following link:
http://media3.marketwire.com/docs/TrevaliFig1.pdf
MILL
- The new 3,000-tonne-per-day Semi-Autogenous-Grinding (SAG) Mill
was delivered in late 2013 and the remaining associated componentry
during the first quarter of 2014. The SAG Mill tender has been
completed and the Company is currently finalizing installation
timing (Figure 2).
- Key Mill component spare part purchasing has commenced and is
progressing well.
- The Company is currently updating its Mill hygiene policy
following which Mill clean-up activities will commence.
- Copper metallurgical testwork optimization is ongoing and
detailed Cu-circuit design is in progress.
- Processes water circuit has been repaired and upgraded.
To view Figure 2 please click the following link:
http://media3.marketwire.com/docs/TrevaliFig2.pdf
UNDERGROUND
- All underground equipment and services were pulled to surface
and securely warehoused prior to mine shut-down in 2008.
- Alex Macintyre & Associates Ltd. have been awarded the UG
development and mining contract following a competitive tender
process in which seven qualified UG mining contract companies
submitted bids. Trevali has a strong working relationship with Alex
Macintyre who developed the Company's Halfmile trial mining
operation on time and budget in 2011/12.
- A general inspection of the primary ramp and Level 2 indicates
that ground conditions are good and ground support is predominantly
intact - minor rehabilitation will be required where water levels
seasonally fluctuated.
- Rehabilitation of the surface service raise and secondary
egress rehabilitation is in progress, following which larger scale
UG activities can commence.
- Ventilation Fan and UG Heating units have been inspected, minor
repairs will occur in due course.
- Mine dewatering is progressing well - UG workings are
approximately 40 percent dewatered to Level 2 where the main mine
dewatering sumps are located. Primary pumps will be installed in
the coming weeks following ramp inspection and rehabilitation where
required.
- A Paste Backfill Study is advancing, which contingent on
positive results has the potential to significantly increase the
life-of-mine, in addition to decreasing mine dilution (boosts
head-grade) and lower operating costs.
STAFFING
- Phase 1 staffing is ongoing and the Company currently directly
and indirectly employs 57 people from the Bathurst region. During
peak construction, commencing in the third quarter of 2014 and
ongoing to commissioning in 2015, it is estimated that Trevali New
Brunswick will employ approximately 300-320 people and then
approximately 250 people during future steady-state production from
mid-2015 onwards.
2014 AGM RESULTS
Trevali also reports on results of voting from its 2014 Annual
and Special Meeting of Shareholders held June 24, 2014 in
Vancouver, BC.
Each of the nominees listed in Trevali's Management Information
Circular dated May 15, 2014 was elected as a director of the
Company. Shareholders voted in favour of all items of business
before the meeting. Detailed results of the election of director
nominees are shown in the attached table.
Director |
Number of votes in favour |
Percentage of votes in favour |
Mark Cruise |
110,827,486 |
99.95% |
Anton Drescher |
105,310,985 |
94.98% |
Christopher Eskdale |
98,313,890 |
88.67% |
Catherine Gignac |
110,694,586 |
99.83% |
Michael Hoffman |
105,160,185 |
94.84% |
David Huberman |
110,692,786 |
99.83% |
Peter Meredith |
105,190,190 |
94.87% |
Valentin Paniagua |
110,717,786 |
99.85% |
Shareholders ratified and approved the Company's Appointment of
Auditor and the Approval of Stock Option and Stock Bonus Plan and
Unallocated Options.
The Company would also like to thank Dr. Paul Klipfel, who did
not stand for re-election as director, for his years of service on
Trevali's Board and wishes him all the best in his new
endeavours.
Detailed voting results for the 2014 Annual and Special Meeting
of Shareholders are available on SEDAR.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and M.
Dayle Rusk, P.Geo, Trevali's Director, Geology, are qualified
persons as defined by NI 43-101, have supervised the preparation of
the scientific and technical information that forms the basis for
this news release. Dr. Cruise is not independent of the Company, as
he is an officer, director and shareholder. Ms. Rusk is not
independent of the Company as she is an officer and shareholder.
On-site personnel at the project rigorously collect and track
samples which are then security sealed and shipped to Activation
Laboratories preparation facility in Fredericton, New Brunswick,
then to Ancaster, Ontario for assay. Activation Laboratories
quality system complies with the requirements for the International
Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy
and precision are monitored by the analysis of reagent blanks,
reference material and replicate samples. Quality control is
further assured by the use of international and in-house standards.
Blind certified reference material is inserted at regular intervals
into the sample sequence by Trevali personnel in order to
independently assess analytical accuracy. Finally, representative
blind duplicate samples are routinely forwarded to an ISO compliant
third party laboratory for additional quality control.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused, base metals mining company with one
producing operation currently in Peru and an advanced-stage mine
under development in Canada.
In Peru, the Company is actively producing zinc and lead-silver
concentrates from its Santander mine and 2,000-tonne-per-day
metallurgical plant.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine
and Stratmat deposit all located in the Bathurst Mining Camp of
northern New Brunswick. The Company is currently advancing its
3,000-tonne-per-day Caribou Mill Complex and mine towards planned
2015 production.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV),
the OTCQX (symbol TREVF) and on the Lima Stock Exchange (symbol
TV). For further details on Trevali, readers are referred to the
Company's web site (www.trevali.com) and to Canadian regulatory
filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
TREVALI MINING CORPORATION
Mark D. Cruise, President
This news release contains "forward-looking statements" within
the meaning of the United States private securities litigation
reform act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Statements
containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts,
projections, expectations, or beliefs as to future events or
results and the company does not intend, and does not assume any
obligation to, update such statements containing the
forward-looking information. Such forward-looking statements and
information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated
results of future exploration, and forecast future metal prices,
anticipated results of future electrical sales and expectations
that environmental, permitting, legal, title, taxation,
socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves. These statements
reflect the Company's current views with respect to future events
and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies.
These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by the
company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained in this
news release and the company has made assumptions and estimates
based on or related to many of these factors. Such factors include,
without limitation: fluctuations in spot and forward markets for
silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency
markets (such as the Peruvian sol versus the U.S. dollar); risks
related to the technological and operational nature of the
Company's business; changes in national and local government,
legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other
countries where the Company may carry on business in the future;
risks and hazards associated with the business of mineral
exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or
structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards; employee relations; relationships
with and claims by local communities and indigenous populations;
availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses
and permits and the presence of laws and regulations that may
impose restrictions on mining,; diminishing quantities or grades of
mineral reserves as properties are mined; global financial
conditions; business opportunities that may be presented to, or
pursued by, the Company; the Company's ability to complete and
successfully integrate acquisitions and to mitigate other business
combination risks; challenges to, or difficulty in maintaining, the
Company's title to properties and continued ownership thereof; the
actual results of current exploration activities, conclusions of
economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition
in the mining industry for properties, equipment, qualified
personnel, and their costs. Investors are cautioned against
attributing undue certainty or reliance on forward-looking
statements. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated, described or intended. The Company does
not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by
applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and
Santander are based only on Indicated and Inferred Mineral
Resources and not Mineral Reserves and do not have demonstrated
economic viability. Inferred Mineral Resources are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves, and there is therefore no certainty that the conclusions
of the production plans and Preliminary Economic Assessment (PEA)
will be realized. Additionally where Trevali discusses
exploration/expansion potential, any potential quantity and grade
is conceptual in nature and there has been insufficient exploration
to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
We advise US investors that while the terms "measured
resources", "indicated resources" and "inferred resources" are
recognized and required by Canadian regulations, the US Securities
and Exchange Commission does not recognize these terms. US
investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into
reserves.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities described herein have not been and will not
be registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state and may not be offered
or sold within the United States, absent such registration or an
applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this
news release.
Steve StakiwVice President, Investor Relationsand Corporate
CommunicationsEmail: sstakiw@trevali.comPhone: (604) 488-1661 /
Direct: (604) 638-5623www.trevali.com
Trevali Resources (QX) (USOTC:TREVF)
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